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GIPS® Information

T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

TRP is a U.S. investment management firm with various investment advisers registered with the U.S. Securities and Exchange Commission, the U.K. Financial Conduct Authority, and other regulatory bodies in various countries and holds itself out as such to potential clients for GIPS purposes. TRP further defines itself under GIPS as a discretionary investment manager providing services primarily to institutional clients with regard to various mandates, which include U.S, international, and global strategies but excluding the services of the Private Asset Management group.

A complete list and description of all of the Firm's composites and/or a presentation that adheres to the GIPS® standards are available upon request. Additional information regarding the firm's policies and procedures for calculating and reporting performance results is available upon request

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T. Rowe Price

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Past performance is not a reliable indicator of future performance.

Strategy

Global Focused Growth Equity

The Global Focused Growth Equity Composite seeks long-term capital appreciation primarily through investment in established companies operating in developed markets throughout the world, with faster earnings growth and reasonable valuation levels relative to market/sector averages. Further, the strategy seeks to buy companies where there is insight about improving economic returns of the business that are not fully reflected in their valuation.

3YR Return Annualised (Net)
(View Total Returns)

Tracking Error
(5 Years)

25.53%
6.31%

1YR Return (Net)
(View Total Returns)

Information Ratio
(5 Years)

50.32%
1.70

Inception Date 31-Jan-1996

Performance figures calculated in USD

David J. Eiswert, CFA
David J. Eiswert, CFA, Lead Portfolio Manager

David Eiswert is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the portfolio manager for the Global Focused Growth Equity Strategy, a role he has held since October 1, 2012. Prior to his current role, Mr. Eiswert was the portfolio manager for the Global Technology Strategy from October 2008 until May 2012. He was a technology analyst from 2003 until 2012. Mr. Eiswert is a vice president of T. Rowe Price Group, Inc.

 

Strategy

Investment Approach

  • Single decision maker provides clear accountability.
  • Identify “best ideas” by assessing companies in a global sector context, using bottom-up approach to create focused, high-conviction portfolio.
  • Global research platform uses fundamental analysis to identify companies with superior and sustainable growth prospects, and improving fundamentals.
  • Macroeconomic and local market factors are integrated in stock selection decisions.
  • Valuation appeal is measured against local market and broad sector opportunity set.
  • Broad range of stocks across all capitalizations, incorporating developed and emerging markets.

Portfolio Construction

  • Number of holdings: typically 60-80 stocks
  • Individual positions: Typically 0.5%-5.0%
  • Emerging markets exposure: +/-15% of benchmark
  • Broad sector ranges: +/-15% of benchmark
  • Country ranges: +/-10% of benchmark (USA is +/-20%)
  • Currency hedging: Currency views incorporated in stock selection
  • Cash target range: Typically less than 5%, maximum 10%
  • Expected tracking error: 400 to 800 basis points
  • Primary benchmark is MSCI AC World Index and secondary benchmark is MSCI World Index.

Holdings

Total
Holdings
90
Largest Holding Facebook 4.76% Was (31-Mar-2021) 3.84%
Other View Full Holdings Quarterly data as of  30-Jun-2021
Top 10 Holdings 33.62% View Top 10 Holdings Monthly data as of  30-Jun-2021

Top Purchase

T-Mobile US (N)
2.27%
Was (31-Mar-2021) 0%

Top Sale

Caterpillar (E)
0.00%
Was (31-Mar-2021) 2.13%

Quarterly Data as of 30-Jun-2021

Sectors

Total
Sectors
9
Largest Sector Financials 18.40% Was (31-Mar-2021) 16.44%
Other View complete Sector Diversification

Monthly Data as of 30-Jun-2021

Benchmark: MSCI All Country World Index

Top Contributor^

Communication Services
Net Contribution 0.78%
Sector
0.01%
Selection 0.77%

Top Detractor^

Consumer Discretionary
Net Contribution -1.44%
Sector
-0.08%
Selection
-1.36%

^Relative

Quarterly Data as of 30-Jun-2021

Largest Overweight

Industrials & Business Services
By5.07%
Portfolio 14.93%
Benchmark 9.86%

Largest Underweight

Materials
By-3.91%
Portfolio 1.01%
Benchmark 4.92%

Monthly Data as of 30-Jun-2021

Regions

Total
Regions
5
Largest Region North America 58.27% Was (31-Mar-2021) 53.99%
Other View complete Region Diversification

Monthly Data as of 30-Jun-2021

Benchmark: MSCI All Country World Index

Top Contributor^

United States
Net Contribution 0.46%
Region
-0.04%
Selection 0.50%

Top Detractor^

Pacific ex Japan
Net Contribution -0.52%
Region
0.04%
Selection
-0.56%

^Relative

Quarterly Data as of 30-Jun-2021

Largest Overweight

Europe
By3.84%
Portfolio 21.01%
Benchmark 17.17%

Largest Underweight

North America
By-3.07%
Portfolio 58.27%
Benchmark 61.35%

Monthly Data as of 30-Jun-2021

Countries

Total
Countries
18
Largest Country United States 57.20% Was (31-Mar-2021) 52.94%
Other View complete Country Diversification

Monthly Data as of 30-Jun-2021

Benchmark: MSCI All Country World Index

Largest Overweight

United Kingdom
By5.73%
Portfolio 9.43%
Benchmark 3.69%

Largest Underweight

Switzerland
By-2.57%
Portfolio 0.00%
Benchmark 2.57%

Monthly Data as of 30-Jun-2021

Currency

Total
Currencies
10
Largest Currency 66.15% Was (31-Mar-2021) 63.24%
Other View completeCurrency Diversification

Monthly Data as of  30-Jun-2021

Benchmark : MSCI All Country World Index

Largest Overweight

U.S. dollar
By 6.39%
Portfolio 66.15%
Benchmark 59.77%

Largest Underweight

Hong Kong dollar
By -3.22%
Portfolio 0.94%
Benchmark 4.16%

Monthly Data as of  30-Jun-2021

Team (As of 10-Sep-2021)

David J. Eiswert, CFA

David Eiswert is a portfolio manager in the U.S. Equity Division of T. Rowe Price. He is the portfolio manager for the Global Focused Growth Equity Strategy, a role he has held since October 1, 2012. Prior to his current role, Mr. Eiswert was the portfolio manager for the Global Technology Strategy from October 2008 until May 2012. He was a technology analyst from 2003 until 2012. Mr. Eiswert is a vice president of T. Rowe Price Group, Inc.

Mr. Eiswert has 19 years of investment experience, 16 of which have been with T. Rowe Price. Prior to joining the firm in 2003, he was an analyst at Mellon Growth Advisors and Fidelity Management and Research. He also worked as a consultant in the communications industry.

Mr. Eiswert earned a B.A., summa cum laude, in economics and political science from St. Mary's College of Maryland and an M.A. in economics from the University of Maryland, College Park. He also has earned the Chartered Financial Analyst designation.

  • Portfolio manager
    since
    2012
  • Years at
    T. Rowe Price
    18
  • Years investment
    experience
    21
Laurence Taylor

Laurence Taylor is a portfolio specialist in the Equity Division. He represents the firm's global equity strategies to institutional clients, consultants, and prospects. Laurence is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Laurence’s investment experience began in 1999, and he has been with T. Rowe Price since 2008, beginning in the Investment Specialist Group. Prior to this, Laurence was employed by AXA Rosenberg as a quantitative portfolio manager, with responsibility for global and European equity portfolios, and began his career at AonHewitt Associates in the UK investment practice. At AonHewitt, Laurence provided investment advice to European institutions as a client-facing consultant before specializing in the research and selection of global and regional equity managers in the manager research team.

Laurence earned a B.A., with honors, from Greenwich University. He also has earned the Chartered Financial Analyst® designation.

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

  • Years at
    T. Rowe Price
    12
  • Years investment
    experience
    21
Samuel Ruiz

Samuel Ruiz is a portfolio specialist in the Equity Division. He is a vice president of T. Rowe Price Australia Ltd.

Sam’s investment experience began in 2008, and he has been with T. Rowe Price since 2020, beginning in the Equity Division working on the Global and Australia Equity Strategies. Prior to this, Sam was employed by Macquarie Investment Management in the area of strategy in the Equities Division.

Sam earned a bachelor of applied finance degree from the University of South Australia.

  • Years at
    T. Rowe Price
    1
  • Years investment
    experience
    13
Jennifer O'Hara Martin

Jennifer O’Hara Martin is a global equity portfolio specialist in the U.S. Equity Division. She is a member of the Global Growth Equity, Global Focused Growth Equity, Global Technology Equity, Communications & Technology Equity, and Science & Technology Equity Strategy teams. Jennifer is a vice president of T. Rowe Price Group, Inc.

Jennifer’s investment experience began in 1996, and she has been with T. Rowe Price since 2005, beginning in the U.S. Equity Division, when she joined the firm as an equity research analyst covering food retailing and discount stores, in addition to having portfolio management responsibilities for the US Structured Research Equity Strategy. Prior to this, Jennifer was employed by Northern Trust, following telecommunications and business services companies. Jennifer also was employed by Merrill Lynch as an investment banking analyst.  

Jennifer earned a B.S. in agricultural economics from the University of Illinois, Urbana-Champaign and an M.B.A. from Northwestern University, Kellogg School of Management. She presently serves on the Board of Trustees of the Baltimore Museum of Art and is a committee member for the Northwestern University, Kellogg School of Management, Asset Management Practicum.

  • Years at
    T. Rowe Price
    16
  • Years investment
    experience
    25